SES Announces Successful Completion of Rendezvous 1 (RDV1) for IRIS² Programme

SES announced the successful completion of Rendezvous 1 (RDV1) for the Infrastructure for Resilience, Interconnectivity and Security by Satellite (IRIS²) programme. This milestone reinforces Europe's secure and sovereign satellite connectivity. SES expects a capital commitment of up to €1.35 billion for the MEO segment, with 18 MEO satellites planned for service entry in 2030. The company's share of investment for 2026 is included in its FY26 Capex outlook, with no exceptional cash proceeds to be used. The IRIS² Concession Contract, signed in December 2024, involves collaboration between the European Commission, the SES-led SpaceRISE consortium, and the European Space Agency to validate costs, technical requirements, and timelines. RDV1 establishes a validated baseline, reducing capital requirements and enhancing satellite capabilities. SES anticipates an Internal Rate of Return (IRR) meeting its minimum 10% hurdle rate, with approximately 90% of MEO capacity expected to be commercially exploitable by SES, creating long-term revenue opportunities. SES will lead the design, build, and assembly of MEO satellite payloads, as well as user terminal development and operations. Operational services are slated to begin in 2030.